Many businesses utilize forecasting tools to make decisions about the future. The challenge lies within finding the right data to build a reliable forecast, particularly for small businesses and solo entrepreneurs. The State of Maryland is helping to bridge the gap with its Procurement Forecast.
“When you run a small business, you have to think very strategically,” said Jimmy Rhee, Special Secretary of the Governor’s Office of Small, Minority & Women Business Affairs. “This business intelligence tool can help entrepreneurs make qualitative decisions about how to direct and deploy their resources.”
The Procurement Forecast is a database of purchases $100,000 or greater that state agencies/departments project will be made during the current fiscal year (July 1 – June 30). It is housed on the Governor’s Office of Small, Minority & Women Business Affairs website.
Users have six search options: description, agency, procurement category, contract value, region, and projected advertisement date. When search results are exported to Excel, additional information fields are revealed.
“This tool can help you find the names and contact information of the buyers who are most likely to purchase what you sell,” said Secretary Rhee. “It really speaks to the open and transparent approach all state agencies take to ensure that Maryland is open for business.”
Learn more online by visiting goMDsmallbiz.maryland.gov.
This article is featured in the 2019 edition of The Daily Record’s Expanding Opportunities Resource Guide for Small, Minority and Women Businesses. Published in conjunction with the Governor’s Office of Small, Minority & Women Business Affairs, Expanding Opportunities explores diversity, entrepreneurship and innovation in Maryland’s small business community. Read more from Expanding Opportunities on this website or read the digital edition.